@JamesStaddon, I’m not @ariathny, but the answers are yes, and yes! 🙂
For viewing overexposure/clipping highlights, you just hit the “O” key on your keyboard. To set zooming with a mouse scroll wheel, hit Ctrl + K and select “Image Zoom-Pan-Rotate” from the list on the left. The first 2 options are for Zoom in, and Zoom out. Just click on the little + icon and then roll your mouse in the desired direction when it asks which keyboard/mouse shortcut to use.
FastRawViewer has an excellent online manual that’s very well written, which you can access here: http://www.fastrawviewer.com/usermanual/using
For starters, here’s the page that explains Focus Peaking: http://www.fastrawviewer.com/usermanual/using/focus-peaking